Opec talks end without oil-cuts deal as Russia holds back

Russia, the largest producer in the Opec+ group, had agreed to a cut in principle, the eventual size of their contribution remained undefined through this week’s talks in Vienna. In private conversations earlier in the week, Opec delegates said that Saudi Arabia had favored a Russian cut of about 300,000 barrels a day, but Moscow was seeking a smaller reduction of about 150,000.

The oil market quickly reacted negatively to Opec’s setback, with Brent crude tumbling as much as 5.2 percent to $58.36 a barrel in London.

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